OGPS - ELLINGHAM, Wash.--(BUSINESS WIRE)--Oct. 7, 1999--Omicron
Technologies, Inc. (OTC BB:OGPS) is pleased to announce that it has
completed its maximum allowable Rule 504 private placement financing
of $1 Million. Omicron will also be releasing the details of a major
private placement financing within the following week.
The proceeds of these financings will be used to complete and
market Omicron's Internet gaming software, to expand Cyberweb Systems'
operations to a larger facility and to further the development and
marketing of Interactive Radio Corporation's prototype and the Active
Pixel Sensor (APS) technology.
Further to the news release of September 23, 1999, upon the
recommendation of our legal counsel, Omicron has cancelled the $5
Million convertible debenture financing with Corporate Capital
Management. It was advised that the completion of this financing,
based on a discount average of the five previous days' bid prices
prior to closing, would not be in the best interests of the company or
its shareholders.
Omicron Technologies, Inc. is in the business of acquisition,
research and development, and marketing of leading edge technologies
and Internet-based business concepts. Through a combined strategy of
focusing on specific marketing niches and speedy development of its
proprietary technologies, Omicron expects to gain significant market
penetration in these areas.
NOTE: Safe Harbor for Forward-Looking Statements Except for
historical information contained herein, the statements in this news
release are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties that may cause the company's actual results in the
future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, volatility of
prices, product demand, market compensation, risk inherent in the
company's international operations, imprecision of reserve estimates
and the company's ability to replace and expand reserves.
--30--jr/bos*
CONTACT: Omicron Technologies, Inc.
Barrett Sleeman, 877-903-2288
www.omicrontechnologies.com
www.radiosat.com |
